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Watch List: Deep Underwater Vintage 2007 CMBS Office Loans

15 CMBS Office Loans with the Largest Current LTV Ratios
January 30, 2013
Much has been made of how far commercial real estate values fell from the onset of the Great Recession in 2007. The fall inflicted significant damage on properties purchased and financed at the peak of the market.

Currently, more than 200 of the individual office properties purchased or refinanced in 2007 and on which the loans were subsequently pooled into commercial mortgage backed securities have loan balances larger than their most recent value. Here, as identified by CMBS servicers, are the 15 loans with the largest current loan to value ratios.


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Information for these lead listings was provided by Trepp LLC, an industry leader in providing surveillance data on loan and commercial real estate performance underlying the CMBS market.


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PropertyAddressSqFtCur. LTVOrig. LTVMost Recent ValueCur. Loan Bal.Paid Thru DateCMBS; Special Servicer

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Cotton Corporate Center Office4645 E. Cotton Center Blvd., Phoenix - Mesa, AZ116,858157574$1,270,000$19,953,64911/8/2012MS 2007-IQ16; C-III

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1025 Old Country Road1025 Old Country Road, Westbury, NY206,48258775$4,600,000$27,000,0003/11/2009CS 2007-C1; LNR

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Onyx Building29777 Telegraph Road, Southfield, MI261,46845970$3,900,000$17,900,0001/1/2011BofA 2008-1; CWCapital

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500 North Meridian500 N. Meridian St., Indianapolis, IN436,18744580$9,271,649$33,313,48212/1/2011MS 2007-IQ14; C-III

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Presbyterian Plano Medical Office6020 W. Parker Road, Plano, TX197,00441180$13,400,000$54,570,6831/1/2013GE 2007-C1; LNR

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655 Engineering655 Engineering Drive, Norcross, GA73,58739680$2,500,000$9,900,0006/1/2011BofA 2007-3; LNR

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2500 Building2500 NW 79 Ave., Doral, FL99,65537776$3,000,000$11,300,0001/1/2013Citi 2007-CD4; CWCapital

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Woods End Office Park25, 37, & 49 Kessel Court, Madison, WI66,57830680$2,090,000$6,395,0009/1/2010MS 2007-IQ14; C-III

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National Plaza I, II, III999, 1000 & 1111 Plaza Drive, Schaumburg, IL390,74430379$13,200,000$40,050,0005/6/2009GS 2007-GG10; CWCapital

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100 Challenger100 Challenger Road, Ridgefield Park, NJ149,09228856$5,900,000$17,000,0002/1/2012BS 2007-TOP26; C-III

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Discovery Office920, 1002 and 1014 E. Algonquin Road, Schaumburg, IL135,00028784$3,700,000$10,600,00011/11/2011LB-UBS 2007-C7; Midland

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First Financial Centre700 N. Water St., Milwaukee, WI147,79928471$3,350,000$9,190,1052/1/2012JPM 2007-CIBC19; LNR

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Security Square250 Second St. SW, Winter Haven, FL40,68128380$1,500,000$4,163,9618/1/2011CMLT 2008-LS1; LNR

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Pavilion Medical Center-Carolina Beach1328 N. Lake Park Blvd., Carolina Beach, NC22,29827371$1,640,000$4,401,4694/1/2009BofA 2007-5; C-III

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Energy Park Place & Energy Park Drive1400-1410 Energy Park Drive and 1350-1380 Energy Lane, St. Paul, MN190,33427180$6,000,000$16,250,0001/1/2011GS 2007-GG10; CWCapital



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